Scannell Properties Announces new industrial project in Newport
Meyer Distributing will be the lead tenant in the 83,000 square foot (sf) first phase of an office-warehouse development in Newport, Minnesota.
An automotive distribution company, Meyer will occupy 36,000 sf in the Raceway Business Center, currently under construction at 910 Hastings Avenue in Newport.
Daniel Madrigal of Scannell Properties and Executive Director Tom Sullivan and Senior Associate Peter Fooshe of Cushman & Wakefield and negotiated the lease with Meyer.
“We chose this site for its close proximity to the Interstate 494 loop and great visibility.” Madrigal said. “In addition, due to a variety of factors we are confident we can offer some of the most competitive rates on Class A industrial space in the metro.” With easy access to Highway 61/Highway 10 and Interstate 494, the center offers prospective tenants great visibility and proximity to St. Paul and the south metro. The property is just 10 miles from downtown St. Paul.
Scannell broke ground on the project in July. The first phase will be available for occupancy in December, 2017, and will feature 28-foot-clear ceilings and multiple docks and drive-in doors. Just north of the first construction site, Scannell and Cushman & Wakefield are also offering up to 144,000 sf in a second phase at the Raceway Business Center.